Chinese President Xi Jinping decided to halt Ant's $37-billion IPO: Report

 (Reuters) - China's President Xi Jinping personally decided to pull the plug on Ant Group's $37-billion (£28 billion) initial public offering, the Wall Street Journal reported on Thursday, citing Chinese officials with the knowledge of the matter.

The decision to stop what would have been the world's largest ever IPO, came days after the fintech giant's billionaire founder Jack Ma launched a public attack on the country's financial watchdogs and banks.

President Xi ordered Chinese regulators to investigate and effectively shut down Ant's stock market flotation, the report said https://www.wsj.com/articles/china-president-xi-jinping-halted-jack-ma-ant-ipo-11605203556?mod=hp_lead_pos4.

Ant Group did not immediately respond to Reuters request for comment. The Information Office of the State Council, China's cabinet, could not be reached immediately for comment.

Ma had told a summit in Shanghai on Oct. 24 that the regulatory system was stifling innovation and must be reformed to fuel growth. Earlier this month, Reuters reported the speech set off a chain of events that torpedoed the listing of Ant.

Soon after Ma's scathing speech, state regulators started compiling reports including one on how Ant had used digital financial products like Huabei, a virtual credit card service, to encourage poor and young people to build up debt.

The general office of the State Council compiled a report on public sentiment about Ma's speech and submitted it to senior leaders including President Xi, Reuters had reported.

Xi bows to Mao as China prepares to celebrate 70 years of Communist rule

Chinese President Xi Jinping paid his respects to Chairman Mao Zedong's embalmed body Monday in a rare gesture ahead of China's celebration of 70 years of Communist rule.

Xi and other top Chinese officials visited Mao's mausoleum -- located in the heart of Beijing in Tiananmen Square -- and bowed three times to the late leader's statue, reported official news agency Xinhua.

He also paid respects to the remains of Mao, whose embalmed body is kept in a glass display at the memorial hall.

The last time a Chinese leader bowed to the statue of the "Great Helmsman" was six years ago, when Xi commemorated Mao's 120th birthday.

The move to honour the founder of the People's Republic of China comes as the country readies itself for a day of tightly-choreographed festivities, including a massive military parade and the release of 70,000 doves.

The anniversary is meant to showcase China's extraordinary rise from the ravages of war and famine to a modern, powerful nation state whose economic and military muscle is viewed by many with increasing concern. But the celebration comes in a very bad year for the Chinese president.

The US-China trade spat threatens to pummel the global economy, while African swine fever has sent the price of pork -- the country's staple -- soaring.

Months of unrest and pro-democracy protests in semi-autonomous Hong Kong also threaten to upstage Tuesday's celebrations, with fierce clashes between protesters and riot police erupting on Sunday.

Democracy activists in the financial hub have vowed to ramp up their nearly four-month-long campaign ahead of the National Day, which Hong Kong protesters have dubbed a "Day of Grief".

On Monday morning, Xi and other leaders of the Communist Party of China also attended a wreath-laying ceremony to honour national heroes on Tiananmen Square.

A choir of children in crisp white shirts and red scarves sang before Xi approached the Monument to the People's Heroes -- a tall obelisk in the middle of the square -- where baskets of flowers decorated with red banners were placed.

"A promising nation must have heroes, and a country with future prospects must have pioneers," said state-run CCTV in a broadcast of the ceremony, quoting Xi.